Sep 11, I was in NYC | Climate political economy and UnConference
A reflection on being in NYC over 9/11
The Unconference was a massive success. Thank you to all those who came and for those who could not make it stay tuned for ideas stemming from the day. Further dates for Ben things:
I’m co-hosting a Speak Easy drinks meet-up 30 Sep at the Sustainability Accelerator. I’ll be there from 6pm. It’s free. It’s a party. What’s not to like? (London, in-person).
I’m discussing the Alex Edmans, Tom Gosling, Dirk Jenter: Executive Compensation survey paper at the PRI academic conference on Wed 15 September, 2.55pm (UK) Free, online. The whole week (13-17 Sep) has interesting sessions for those interested in what leading academics thinking about sustainability investing. Paper here.
I’m presenting at the CFA UK sustainability conference. Sep 21, 11am. Again whole week 20-24 Sep is interesting from a practitioner view point, and asset owners as well; and across asset classes. Many of the CFA ESG investing textbook authors are presenting as well. Including Jason Mitchell on quant ESG after my session.
I’m podcasting Jason Mitchell soon. Let me know questions about poetry ! Or, quant finance as well. I’m also podcasting with the ex-COO, Clare Montagu, of London’s hospice groups, Royal Trinity Hospice over the start of the pandemic. Clare was also a special advisor to government ministers previously.
My reflections on being in NYC over 9/11
I meet many people in their 20s or their teens and 9/11 and 7/7 are pieces of history. The US/UK withdrawal from Afghanistan is in one sense a closing of a chapter that started on 9/11, as the US pursues Bin Laden and that involved hunting Al Qaeda in Afghanistan. If you’d like to dip into this more I recommend Garrart Graff’s oral history book, Only plane in the sky, and recent podcast, Long Shadow.
I recall 3 small reflections.
The smell and the noise. In particular the smell. The burning hair, acrid burnt plastic stench that moved in the wind direction. The smell hit your senses as a visceral reminder that something had happened, that there had been an attack.
The kindness. A distant acquaintance took me out of the city to the New Jersey suburbs. Everywhere I saw kindness. Shock, hurt and all the expected emotions. But I recall a great deal of kindness.
A bar at the end of the world. There was a scene that lives in my memory as “the bar at the end of the world”. I don’t recall clearly, I think it might have been the Library bar at the Hudson Hotel. There were a mass of travellers with no where to go. Everybody was out of joint. Uncertain. Far from home. The vibe was mix of oddly relaxed - because what could one do - with a background current of tension but overwhelmingly with this - well let’s have one more drink as it might be the end of the world but - to my point above - mixed with kindness.
I was lucky. Maybe I was also lucky to come across this vibe. At least in this version of the Inn at World’s End, it was fair old place to hang out. Not the place, but the people and the kindness of strangers.
I wrote in 2005:
I still believe one must live life
And I quoted Jeffery Sachs writing:
“...“Yesterday when the bombs went off in London I was about a mile away. I therefore witnessed one of the greatest triumphs and resources of modern life against the backdrop of yet another heinous crime. Londoners reacted to the disaster not with shock, violence, or disarray, but with unfailing professionalism, industriousness, concern, and emphatically, civility. There were no pogroms, attacks on London’s large Muslim population, Rather there were statements of praise for the Muslim community, for its integral role in London life. There was no rush to judgment, no bluster, no jingoism, only the steady voices of British politicians directing a democratic response to this most undemocratic of deeds.
London, in short, showed even in a moment of real peril, uncertainty, and grief, that it is truly, uniquely one of the great centers of a world civilization, a civilization in which all races, religions, and creeds can live together peacefully, creatively, productively. I feel about London what I feel about my own home of New York City. Both are what mathematicians call a “proof by existence,” in this case a proof that globalization can work, that divisions among people according to religion, ethnicity, language, can be overcome through a commitment to common purposes among people living in close proximity…”
**
There were many superb questions called at the Sustainability UnConference. I will be detailing more later on the whole event. The circles I hosted were about the (un)success or not of social/political movements and what questions or change theories of the political economy were there.
My brief notes are:
XR is different to anti-slavery, LGBQT+, suffragettes, and minority/black rights because the “ask” is less clear (cf. Ban slavery, a clear ask]
[Open] Does a protest movement need an ask?
Policy(Overton) window (and influence on corporates) may have moved, and that would be a success
While energised some young, it has antagonised other population segments
Degrowth not considered by majority of economists/policy makers as viable
XR opens doors for changemakers to influence corporates, policy
cf. Outrage and Stonewall, (LGBTQ+)
XR (negative) is XR now chipping out changemakers and entrenching incumbents.
(Novel to me) are “leaders” emergent properties of complex systems. (eg a Greta would have emerged somehow in any case)
Cf. CFCs/Ozone, Nuclear.
Note how Green party in Germany is now mainstream
Four theories/frameworks to note:
Overton Window
Swing Voter
Median Voter
Arrow’s Impossibility Theorem
And two challenging economic realities:
Economic growth will be needed to lift the poor (intra and inter-country) our of poverty
Decarbonisation across all areas of human life (Land/Food, Industry, Power, Building, Transport etc.) needed and low-carbon growth is not (yet) reality in most sectors.
Mainstream Economic Policy:
Carbon tax/price solves 80% of problem (eg Jasion Furman view)
(Vast) Innovation needed (subsidy helpful for early stage tech)
Standards can help raise the bar
(Anton) Ideal econ. solution is you pay people off (eg pay off slave owners), use Coase Thery, Coasian bargaining.
Challenging political realities:
Poor/Middle class don’t want to pay (maybe no one wants to pay)
Poor countries don’t want to pay vs rich countries
[Open] Swing voter unlikely converting soon
[Open] Median voter moving slowly
[Open] Arrow suggests a plurality needs to be an answer.
Median voter might suggest that education, activism in converting population may work. May push both window and policy in more green directions.
Swing voter might suggest that this is not possible as swing voter not being converted on climate matters. Geography of the swing voter also important.
(It did not occur to me so clearly until this conversation that the tactics for converting “swing” voters are likely different to the “median” voter strategy)
Alternative strategy: ignore/bypass voters
Carbon pricing/tax not viable to majority of swing and current median voters. (This does not ignore voters but essential complies with both views here)
Utilise “Industrial Strategy” policy for the major sectors that can slip by voters
eg raise standards, subsidise and go super large on innovation investment (but can govt do this? And what about health, education etc)
May be slow, but might be a political economy solution ?? (One that elites and technocrat always use and so at risk of backlash)
[Aside] Importance of weak social ties or social network [cf. VC cf. UK COVID vaccine strategy]
Does XR/activist movement have a policy strategy?
Can economists propose anything better than carbon price?
Must it be techno-optimism that saves us?
[Open] Limits to markets
[Open] Do we need strong political vision
Desiree Fixler gives her view on the problems DWS have on integrating ESG. I find her claims as plausible, but I imagine the truth will be hard to ascertain. Fixler in passing suggests more regulation is the answer. I am less sure. Only in that, Fixler herself suggests: “...At DWS, there is an ESG policy, but many of the fund managers do not comply with it. It is a clear case of "form before substance…” Policy or regulation in itself is not a fix for a culture or mindset that does not want to comply. Or you end up complying in a surface way but not in a deep way. Perhaps, I am pessimistic on the regulation-side having worked in the area for so long. That said, there are many many hard working authentic brilliant people working on these challenges and on that point, I remain optimistic.
***
Cliff Asness (quant investing) on importance of shorting as an ESG investing tool.
*
I’m really lucky I feel growing up in London, I’ve never really felt racism. My Mum is volunteering in a hospital and she recounts how her fellow security guard colleague was insulted. My Mum commented “isn’t that racism?” and he replied “we have it all the time, it’s nothing…”
It reminds me of my essay reflection of the strange sort of elite racism I happened on in Paris.
My family went to eat in one of the oldest, expensive restaurants in Paris after I was accepted into Cambridge University. Lucky, I never experienced much racism growing up in London. But in Paris…
...One incident I do recall was in Paris, when I was 17. I didn’t even think of it as racist ts the time, but more of being an outsider, not let in (until I broke door). However, my father (who had experienced more racism in the 1960s and 1970s) noted it as racism.
The story has roots from a very long time ago.
When my father was 18 and had been accepted into Cambridge University, my grandfather took him to one of his favorite restaurants in Paris. My father had not been to Paris. They dined at the Tour d’Argent. My father would for many years after talk about the pressed duck he ate there.
When I was 17, I was accepted into Cambridge University. I had been on scholarships most of my life. We ate out but rarely at the starry restaurants that the rich can take for granted.
My father thought we should mark this occasion by echoing history and en famille we travelled to Paris to eat at the Tour d’Argent..... (blog 2 mins)
**
Mark is tweeting out super insightful advice on writing plays and theatre. They range from micro interventions like the ending words of dialogue to wider thoughts in the structure of entrance/exits.
I’ve collected the first 65 or so far here. They are really good food for thought for theatre makers, or all writers really.
If you are here for the arts and writing this is super thoughtful info...
I like:
“a new character entering should be like someone stepping in to a dingy - everyone in the dingy has to reposition themselves to find a new balance or they’ll capsize. The action of the scene is the negotiation of that repositioning. Same for an exit.”
And,
“there’s a three part structure : establish, intensify, subvert. This can be used to shape of everything from a gesture or sentence through to the structure of a play. Eg 1. They ice the cake 2. They furiously ice the cake 3. They throw the cake out the window”
Further on Mark... I also have a wide ranging podcast with Mark which tackles his broad thinking about theatre, arts and culture.
Mark articulates why representation now for all kinds of stories that would fly under the rainbow flag is important and sketches out his vision as co-artistic director. We discuss the differences between German and British theatre cultures. The surprising lack of influence from visual art on British theatre (compared to eg German theatre or many other kinds of theatre).
The satisfaction of bringing a popular story, like David Walliams’ Boy in the Dress to a wider (out of London) audience. We chat about how representative (or not) theatre is, touching on working class and outside-of-London audiences, if right wing playwrights are missing considering the British people keep returning right-leaning governments; and how, of course, the landscape of public views and opinion is much more complicated than that.
The importance of listening in a world where many people are defending their right to speak (and many of those defenders having never been without that right to speak) - making space to listen to other voices.
Mark’s curiosity and love of life-long learning and what ballet has taught him. The differences and similarities in how he approached his recent biographical work about his mother, father and himself.
We play over-rated/under-rated and Mark rates:
Automatic writing
Speaking in verse all day
Dressing up or outside in techniques
Chekhov and non-English theatre
Theatre Games
(Only one of these is overrated)
We discuss the importance of Keith Johnston’s book "Improv" (note my podcast with Lee Simpson also discuss Keith’s work) and how Mark has used the exercises in the book.
I ask Mark, what question theatre should be asking today.
Mark finishes with advice to creatives on not being swayed too much by others (well-intentioned or not) advice.
Excellent podcast, video and transcript here.
**
**
I have a personal conversation with actor Sally Phillips on disability, comedy, faith and family life.
We talk about types of clowning and why the clown always says ‘yes’; the challenges of older women roles in the entertainment industry and discuss the differences between US comedy and British comedy
We chat about the importance of faith to Sally and what the aphorism - there being two routes to God (love and suffering) - means. We talk about embracing uncertainty, being curious and open minded and the practice of prayer.
The disability community is important to us. We both have children with disabilities. We talk in detail about how that impacts us, how the mainstream world interacts with the disabled and, despite the challenges, how to have fulfilled lives - how we’ve been taught to live in the moment.
Sally ends with advice for fledgling creatives and expectant mothers.
Ollie make guest star experience telling us the best thing about having Down’s.
Excerpts:
...if you don't live in the moment and if you don't sort of take it in, the story you tell yourself about what's happening can be much too bleak because of these big awful events. So, Ollie can be good 99% of a day and then that 1% just will be so bad that you remember the day as being the day when the MacBook was put in the bath. Whereas actually he was really good up to that point. I remember, he went to a special needs school which is a disaster because he got expelled from the mainstream, that's another conversation for another day. He just hated it, really hated it and smashed up the classroom and having gone in much more able, too able for the school, came out with the most support of anyone that most difficult child.
You've got to do what your teachers say Ollie, got to do what they say and he said, I do - sometimes....
…And he rips all his clothes up, that's the thing I can't really cope with. I can cope with it. I am coping with it but I just have this. When part of you has given up and died. The part of me that's given up and died is like that, I’m never going to have a pension, I’m going to be working forever because Ollie rips up pants and he's in men's pants and he rip. He'll wear them once and then rip them up. I don't know where to get really cheap pants. …
**
Offer: Oxbridge | University interview practice. If you are or know someone who will be interviewing at Oxbridge (or equivalent level interview), and particularly if their school does not offer mock interviews, or you might otherwise consider yourself at an opportunity disadvantage. I am open to a few slots to offer a mock interview.
(I have been to Cambridge and Harvard. I have a science-based degree, but also write plays. I know the UK system and to some extent the US, liberal arts system too). I can NOT help if you are applying to Harvard this year (as I may interview for Harvard this cycle).
Typically, I will offer 10 mins, basics, 30-40 mins interview, 20-30 mins de-brief and I’ll need basic information sent in advance. My capacity given the interview schedule coming up is 5 or so, in the next 2- 4 weeks. I may not be able to take all enquiries if this proves popular.
Links:
➼Catherine Howarth, podcast on activism (with me)
➼Tassos Stevens, podcast on theatre (with me)
➼My latest thoughts on COVID
➼Cal Newport on making work more effective
In this interview Cal makes the case that constant messaging is detroying people's productivity amongst other stresses at work. Provacative and if true could be huge gains from different ways of working. Long-time readers know I am sympathetic to this.
➼US has forced China to boost domestic chip technology (Dan Wang)
If Wang is right, this is a pivotal second order long-term impact of US sanctions. It will force Chinese companies to rely on and invest in domestic chip tech and other tech which they currently use US for. On a 20 year view I think Dan has a 60% chance of being right... which is actually a moderate disaster for US power.
➼New American University thinking (Eghbal)
On what a more inclusive (and successful) university model might look like in practise.
→Story of plinky, how I found my podcast jingle
→Effective Altruism grant funding. Good source of funding for a potentially large variety of impactful projects.
Previous podcasts:
➼Catherine Howarth, podcast on activism
➼Tassos Stevens, podcast on theatre
➳Lee Simpson is a master improv performer and theatre director. I had a lovely conversation with him which left me dwelling on many things.
➳My conversation with Anton Howes on innovation history.
➳ I talk with birdgirl aka Mya-Rose Craig. Transcript and video here. And podcast version
➳I chat with Rebecca Giggs on her new book looking at humanity through the lens of the whale. There is video and a transcript. Self-recommending.
➳Leopold Aschenbrenner podcast on university at 15 and existential risk.
➳C Thi Nguyen on games philosophy
➳Matt Clancy on innovation
***
Thanks for reading. Feel free to forward this letter to anyone you think might be interested in signing up.
Archive and repeat words below. Stay well, Stay safe, Ben
**
➳Me on ESG investing / YouTube CFA UK
➳Micro-grants. £10K for positive impact people.
***
A 2 min view clip of Thinking Bigly you can now see here.
* ☪ *
I’ve re-issued my 2006 play, Yellow Gentlemen (4 stars in Time Out and is one of my more personal works about the night immigrant Tommy Lee is dying). Buy it for laughs on Kindle for the price of a coffee. All profits to charity. I’ve only sold a few copies at the price of a coffee - 1.99.
* ☪ *
“...Through a long-term orientation and stewardship, this is the time for active investment managers to show their worth. It starts with asking the right long-term business questions. Some companies are giving us answers, but are we really listening?”
My full opinion article in the FT. (3 mins, behind paywall, but you get a free article or email me and I can send you a copy)
Find out more about my aphorism book and contact me for a copy.
The move to online dating has potentially empowered women as the cost to ghosting is so low.
Notes from a conversation with former Royal Court Lit. Manager.